ICE Canadian canola futures rose 0.5 percent on Friday on a mix of technical buying, exporter pricing and fund short-covering, traders said. Canola ended the week up 3.5 percent, its biggest weekly rise since May, breaking a streak of five straight weekly declines.
Spillover strength from allied US soybeans, MATIF rapeseed and Malaysian palm futures added support. Values settled below the day's highs, pressured late in the session by farmer sales as commercial grain companies priced out contracts at mid-month. November canola futures settled $2.70 higher at $538.00 per tonne on volume of 11,731 contracts. January canola up $3.30 at $548.20 on volume of 10,976 contracts. The November/January spread traded 7,123 times at $9.40 to $10.50, premium January.
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